Prepare closing entries. Post-closing entries to the T-accounts; be sure to recalculate the new ending balances for each account the following balances were included in the Adjusted Trial Balance of Twin Corporation at June 30, 2016. Note: not all balances from the adjusted trial balance were given and of the ones given, not all will be used. The Retained Earnings account had a balance of $129,000 at July 1, 2015 (at the start of the fiscal year). There were 50,000 shares of common stock outstanding for the entire year. Using Excel, create: a multiple-step income statement for the year ending June 30, 2016 a retained earnings statement for the year ending June 30, 2016. You must format each statement so it prints out on a single sheet of paper (8 1/2 X 11)